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EXCLUSIVE: CBN takes over National Theatre, Lagos

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National Theatre

 

BY KAZIE UKO


The National Theatre, Lagos, will soon take its place of pride as the symbol of culture and melting pot of entertainment in the country, going by feelers out of the Central Bank of Nigeria (CBN).

Informed sources revealed to RELIABLESOURCENG.COM that the CBN is planning to take over the National Theatre, renovate it and return it to the original state it was when it hosted the whole of Africa, during the Festival of Arts and Culture (FESTAC) in 1977.

Even though details of the apex bank’s intervention are still very sketchy as the proposal is said to be closely guarded, one of the sources who spoke to us on grounds of anonymity said the CBN may be adopting the cultural landmark as a corporate social responsibility (CSR) project.

“I do not certainly know if it was the Ministry of Culture or the management of the National Theatre that approached the CBN, but what I can tell you is that CBN considers the edifice as a national monument and should not be left to rot.

“The CBN’s intervention is being planned as part of the apex bank’s social responsibility project,” our source confided.

READ: CBN INTERVENES IN MUSIC INDUSTRY…SPLASHES N500 MILLION CASH

The adoption of the National Theatre by CBN for renovation may not have come as a surprise. This is because the nation’s number one bank had recently floated the Creative Industry Financing Initiative (CIFI), a programme designed specifically to intervene in the entertainment industry in Nigeria.

The CBN said with CIFI creative and entertainment industry entrepreneurs will be able to receive funding up to N500 million to support their business.

A circular issued by the CBN in May this year stated that the apex bank was working in collaboration with the Bankers’ Committee as part of efforts to boost job creation in Nigeria, particularly among the youth, in developing the scheme.

The initiative, according to the CBN statement, has four pillars, namely: Fashion, Information Technology, Movie and Music.

To benefit from the CIFI, applicants must be involved in fashion, information technology, movie production, movie distribution, music and software engineering student loan. They will also need to be armed with a well-articulated business plan, stating exactly how much they need.

Applicants can get loans of up to N3 million for software engineering student, N30 million for movie production business and N500 million for movie distribution business, according to the statement.

The National Arts Theatre, Lagos, is designed as the primary centre for the performing arts in Nigeria. The monument is located in Iganmu, Surulere, Lagos. Its construction was completed in 1976 in preparation for the Festival of Arts and Culture (FESTAC) in 1977. The collection of National Gallery of Modern Nigerian Art is housed in a section of this edifice.

Construction of the theatre was started by the military regime of General Yakubu Gowon and completed during the military regime of General Olusegun Obasanjo. Its exterior is shaped like a military hat. It has a 5,000-seater main hall, with a collapsible stage, and two capacity cinema halls, all of which are equipped with facilities for simultaneous translation of eight languages.

It was designed and constructed by a Bulgarian construction company, Techno Exporstroy.

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